FENAKA Employee Count Soars to 8,000 Amid Financial Struggles and Debt Crisis
Photo: President’s Office
The number of employees at FENAKA has surged from 2,000 to over 8,000, a threefold increase, according to Abdul Raheem, who leads the Transitional office.
Abdul Raheem highlighted the challenges faced by government-owned companies during this transitional period, emphasising their precarious financial and operational positions. He singled out FENAKA as a particularly struggling company.
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Notably, this increase in FENAKA’s workforce comes amidst mounting debts, with the company’s outstanding debt surpassing MVR 2 billion. To address these financial difficulties, the Maldives Islamic Bank (MIB) secured a loan of MVR 400 million to help settle the debts.
This situation has sparked concerns not only about the company’s financial stability but also the hiring practices, as some employees reportedly lack sufficient tasks or workspace. Additionally, various contractors have raised alarms about unpaid bills, with the outstanding amount exceeding MVR 200 million.
Furthermore, Abdul Raheem pointed out the contrast between the performance of government companies during the previous administration under President Yameen and the current one led by President Ibrahim Mohamed Solih. During Yameen’s tenure, companies like Stelco, MTCC, and STO appeared to be self-sufficient, while the situation has deteriorated over the past five years.
These developments have not gone unnoticed in parliament, where opposition MPs have voiced criticism of FENAKA’s current state.
